Hillyard Company, an office supplies specialty store, prepares as master budget on a quarterly basis The following data have been assembled to assist in preparing the master budget for the first quarter a As of December 31 (the end of the prior quarter the company's general ledger showed the following account balances SW ances Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earning $ 44,000 203,200 58,350 354.000 $ 86,325 500,000 73,225 $659,550 $ 659,550 b. Actual sales for December and budgeted sales for the next four months are as follows December (actual January February March April 254.000 3389.000 S536, $300.000 $197.000 Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Complete the Schedule of expected cash collections: Schedule of Expected Cash Collections January February March Cash sales $ 77,800 Credit sales 203 200 Total collections $ 281,000 5 Quarter $ 77,800 203,200 0 $ 281,000 ho 0 Required Required 2A > Hillyard Company, an office supplies specialty store, prepares as master budget on a quarterly basis The following data have been assembled to assist in preparing the master budget for the first quarter a As of December 31 (the end of the prior quarter the company's general ledger showed the following account balances SW ances Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earning $ 44,000 203,200 58,350 354.000 $ 86,325 500,000 73,225 $659,550 $ 659,550 b. Actual sales for December and budgeted sales for the next four months are as follows December (actual January February March April 254.000 3389.000 S536, $300.000 $197.000 Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Complete the Schedule of expected cash collections: Schedule of Expected Cash Collections January February March Cash sales $ 77,800 Credit sales 203 200 Total collections $ 281,000 5 Quarter $ 77,800 203,200 0 $ 281,000 ho 0 Required Required 2A >